Coronavirus: European markets rise as oil traders fret about storage

Fears are growing that an excess in supply could overwhelm storage facilities. (Getty)

European stocks rose slightly on Tuesday as traders assessed continued panic about oil storage capacity during the coronavirus crisis, which has prompted another fall-off in crude oil prices.

June West Texas Intermediate futures (CL=F) were down 18.94% to $10.36 per barrel, as fears grew that an excess in supply could overwhelm storage facilities and force the price of oil futures into negative territory once again.

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At $18.88 per barrel, Brent crude (BZ=F) was trading more than 5.5% lower on Tuesday.

After opening flat, the pan-European STOXX 600 index (^STOXX) was 0.6% in the green. London’s FTSE 100 (^FTSE) rose by around 0.4%.

Germany’s DAX (^GDAXI) climbed by around 0.5%, while France’s CAC 40 (^FCHI) was up by around 0.2%.